Money Wise UK®

Rethinking Markets with Gervais Williams – The Case for UK Small Caps and Income Investing

In this episode, George Ladds is joined by Gervais Williams, veteran fund manager, author, and long-standing advocate for UK equities. Gervais shares his journey from engineering into investment management and reflects on over three decades of navigating market cycles. We discuss: * Why today’s markets differ from past cycles – and the risks of assuming “buy the dip” always works * The retreat of globalisation, the rise of nationalism, and what this means for investors * Why equity income and cash-generative businesses could define the next 20 years * The overlooked potential of UK small and micro-caps (including AIM) * How active management can help avoid “zombie companies” and uncover future winners Gervais also reflects on conviction, resilience, and why diversification across industries and company sizes is critical in a more uncertain world. 👉 A thoughtful and candid conversation on building resilient portfolios and rediscovering opportunities in the UK market. Book: The Retreat of Globalisation [https://www.amazon.co.uk/Retreat-Globalisation-Gervais-Williams/dp/0857195751] Premier Miton [https://www.premiermiton.com/] Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.

Unlocking UK Growth with Benji Dawes, Premier Miton UK Growth Fund

In this episode, George Ladds sits down with Benji Dawes, co-manager of the Premier Miton UK Growth Fund [https://www.premiermiton.com/], to explore why UK equities, particularly small and mid-caps, may offer one of the most compelling opportunities for long-term investors. Benji shares his unique journey from studying anthropology to becoming a fund manager, explains the fund’s three investment pillars —quality, valuation, and growth —and discusses how his holistic perspective helps him assess businesses in context. We dive into: * Why UK companies remain undervalued despite strong fundamentals * The importance of understanding management teams and incentives * How small & mid-caps can generate alpha over time * Real examples from holdings such as Cranswick, Wise, and M&S * What makes London a hub for AI and fintech innovation Benji also reflects on the importance of process, partnership, and keeping an open mind as an investor. 👉 Tune in for an honest, insightful look at UK equities and where opportunities lie today. Book: The Opposable Mind - Roger L Martin [https://rogerlmartin.com/lets-read/the-opposable-mind] Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.

Inside Orbis: Active Thinking, Fee Alignment, and Building a Culture That Lasts

In this episode of the Money Wise UK Podcast [https://www.money-wise.uk/], host George Ladds speaks with Matthew Spencer of Orbis Investments [https://www.orbis.com/uk/intermediaries/home] — one of the most distinctive voices in the world of multi-asset investing. Matthew shares his journey from aspiring sports coach in South Africa to becoming part of Orbis’ global investment team, reflecting on early mentors, work ethic, and the lessons learned along the way. Together, they explore: * The people and books that shaped Matthew’s approach to investing * Coaching the Bermuda National Hockey Team — and what it taught him about leadership * The origins of Orbis Investments and its founder Allan Gray’s philosophy [https://allangrayorbis.org/] * Why Orbis uses a performance-based fee model — and how it aligns incentives with clients * Active vs. Passive investing: why both have a place, but concentration risk matters * The real story behind Orbis’ exposure to gold and how they manage “competition for capital” * How Orbis maintains culture, discipline, and accountability through its “investment academy” * The power of compounding, and why the industry needs to talk more about the benefits of investing, not just the risks It’s an honest and energising discussion about investment philosophy, culture, and long-term thinking — reminding us that success is deliberate, alignment matters, and patient capital still has a place in a fast-changing world. Listen now to hear how Orbis is doing things differently — and what investors and advisers can learn from its approach to purpose-driven active management. Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.

Diversification vs. “Diworsification”: How Many Stocks Is Enough? — with Damian Bird (Polen Capital, EM Growth)

How far should you diversify before you dilute returns? In this episode, George sits down with Damian Bird, Portfolio Manager for Polen Capital’s Emerging Markets Growt [https://www.polencapital.com/emerging-markets-growth-team]h [https://www.polencapital.com/emerging-markets-growth-team] strategy, to challenge conventional wisdom on diversification, active vs. passive in EM, and where the most exciting compounding businesses live today. Damian revisits the classic Evans & Archer (1968) research on portfolio size, explains why 15–20 names can cap volatility—and why professional portfolios still settle around 30–35 due to real-world correlations. We dig into why emerging markets today host several of the world’s best businesses (think semis, EVs, fintech, and the AI supply chain), why index exposure often buys you the “average EM company,” and why selective, quality-biased active may make more sense right now. We also cover governance nuances country by country, when Polen’s “sleep-easier” approach can underperform (speculative manias), and why allocations anchored at 70% US / 5% EM might be ripe for a rethink. You’ll learn: * The point where diversification becomes over-diversification * Why EM stock quality dispersion makes active selection powerful * How valuation, currency, and earnings growth set up EM’s risk/reward today * Practical governance red flags (SOEs, chaebols, related-party risks) * Polen’s four pillars: best businesses, concentrated, long-term, willing to be different Chapters * 00:03 Intro & why diversification needs a rethink * 03:07 Humility in investing: the “do nothing” lesson from 2008–09 * 06:17 Low turnover and making only meaningful changes * 09:43 How many stocks do you need? (Evans & Archer; EM reality) * 13:06 Correlations & why ~30–35 holdings often hit the sweet spot * 16:03 Why not just buy the index? Active vs. passive in EM * 19:25 EM vs. developed markets: where the great businesses are now * 23:06 Case studies: semis, EVs, e-commerce, fintech, AI supply chain * 26:36 Valuations, policy, and the EM macro setup * 30:09 Earnings growth vs. multiple compression: what it means for returns * 33:42 Governance & minority protection: what to avoid (and why) * 36:45 Dividends, buybacks, and improving EM corporate behaviour * 40:07 Rethinking the US-heavy global allocation * 43:42 Early signs: EM momentum and flows * 47:15 Damian’s path (and why he loves EM) * 50:13 On-the-ground change: Singapore, India, Poland, Vietnam * 53:33 When Polen underperforms (and why) * 56:37 Team, Somerset Capital transition & one-fund focus * 59:42 Book pick: The Outsiders (capital allocation) * 1:03:05 One-minute pitch: why EM now * 1:06:20 Wrap-up Guest: Damian Bird, Portfolio Manager, Polen Capital [https://www.polencapital.com/] — Emerging Markets Growth Host: George Ladds, Money Wise UK® [https://www.money-wise.uk/] Links mentioned: * Polen Capital (EM Growth) [https://www.polencapital.com/emerging-markets-growth-team] * Book: The Outsiders — William N. Thorndike [https://www.amazon.co.uk/Outsiders-Unconventional-Radically-Rational-Blueprint/dp/1422162672/ref=sr_1_1?adgrpid=52778846066&dib=eyJ2IjoiMSJ9.aNvRDgcCafTZJodP3ry-QuZgPN-18egIJkXsDGGeSZcmTWee8VFF1pH-E1mMs5swBcfGsbHJszXigwh-AjELPuYRYGWIrh0rHf6Qr6fTF7zrL_n5HJ5UCh5HUAI2GQOl.cacSuXz2GbmcmTGcMpT4kqoonX4dOU-p-QCV-XfBjNE&dib_tag=se&gad_source=1&hvadid=259068380592&hvdev=c&hvexpln=0&hvlocphy=9213067&hvnetw=g&hvocijid=15616213758934199073--&hvqmt=e&hvrand=15616213758934199073&hvtargid=kwd-309889577690&hydadcr=24461_1816157&keywords=the+outsiders+william+n+thorndike&mcid=8f2659c44a893cf681b12d28f85b8816&qid=1759331980&sr=8-1] If this episode helped you rethink diversification or EM allocations, follow, rate, and share the show. Disclaimer: This conversation is for information only and isn’t investment advice. Past performance is not a guide to future returns. Investing involves risk, including loss of capital.

Retirement Planning Today: How to Build Sustainable Income for Life

In this episode of the MoneyWise UK [https://www.money-wise.uk/] Podcast, host George Ladds is joined by Ceri Hill, Head of Decumulation at Brooks Macdonald [https://www.brooksmacdonald.com/], for an in-depth discussion on the changing face of retirement. Retirement has shifted from the world of guaranteed defined benefit pensions to one where individuals must manage defined contribution pots, creating new challenges for both clients and financial planners. Ceri explains why planning for sustainable retirement income is more complex than ever and highlights the key risks people face once they stop working—longevity, inflation, and sequencing risk. The conversation explores: * How to define “enough” for retirement and why income needs must come before portfolio size. * The growing importance of cash flow modelling, its benefits, and its limitations. * The shared responsibility between clients and advisers in building accurate retirement plans. * The pros and cons of the three main income approaches: selling down units, natural income, and annuities. * Why the bucketing strategy—segregating investments by time horizon—can help manage risk and provide reassurance during market downturns. * The emotional as well as financial dimensions of retirement, and the importance of strategies that promote better behavioural outcomes. Ceri also shares insights into Brooks Macdonald’s recently launched retirement solutions, built on a multi-bucket approach designed to balance flexibility, income security, and long-term growth. He emphasises the opportunity for advisers in the decumulation space, the need for providers to support planners beyond just product delivery, and the importance of innovation as retirement needs continue to evolve. Whether you are an adviser, investor, or someone planning for your own retirement, this episode offers clear insights into the risks, strategies, and innovations shaping retirement today. Follow, share, comment, rate and subscribe to Money Wise UK for thoughtful, independent conversations on the future of investing. Please note: This podcast does not provide financial advice. If you have any questions, we recommend speaking to a financial adviser. Past performance does not guide future returns; investments can fall and rise. Any mention of a company is not a recommendation.